5 Tips for a Successful Home Renovation

The days are getting longer, and the weather is warming up. Spring is a great time to tackle that home renovation project you’ve been thinking of all winter! Whether your renovation is big or small, it may be just the thing you need to revitalize your space and potentially increase your property value as well. Even if you’re just planning ahead for a renovation down the road, these spring renovation tips should help you make your renovation even more rewarding.

Home Renovation Tips

	1. Make a Plan Make a list of all the home renovations you’d like to undertake and then prioritize the items, deciding what is most important to you or most urgent and what can wait. Is the goal to improve your house for your and your family’s enjoyment or to add value before an upcoming sale? Maybe a new office space will help your productivity as you work from home. What’s a priority will vary from person to person based on your goals.
	2. Set Your Budget Get in touch with different home renovation contractors for a quote to determine the approximate renovation cost you may be looking at. Finding a reputable contractor can be challenging. Reach out to family, friends and neighbours for recommendations, and check reviews online.
	3. Consider the Environment and Your Wallet Certain renovations can help lower your environmental footprint while also saving you money in the future. Replacing your doors and windows could help eliminate excess heat loss and save you money on your heating and cooling costs.
	4. Figure Out How You’ll Finance Your Project Maybe you’ve set aside a good amount of savings for your home renovation, or perhaps you’re considering using some of the equity in your home to fund your renovation. Could a combination of both options be best? Have an idea of how you’ll pay for things before you get started to avoid unnecessary stress later.
	5. Inquire About Building Permits Before starting your project, find out if you’ll need a building permit. In most areas, building permits are required for things like additions, and structural or material alterations. Processing times may vary depending on your town or city, so the earlier you can apply the better.

Get the Highest Return on Your Home Renovation

According to money.com, these home projects topped the list for highest cost recovery:

• Refinish hardwood floors: 147% return on investment
• New wood flooring: 118%
• Upgrade insulation: 100%
• Converting a basement to a living area: 86%
• Closet renovation: 83%
• Converting an attic to a living area: 75%
• Complete kitchen renovation: 75%
• Bathroom renovation: 71%
• Kitchen upgrade: 67%
• New bathroom addition: 63%
• New primary bedroom addition: 56%

DIY or Contractor?

For the handy homeowner, taking on your own renovation may be a great way to help cut the cost of your project, and there are countless resources available online and in person to help you along the way. Thankfully, it’s not an either-or situation. You can hire a home renovation contractor to handle the more specialized, challenging, or technical aspects, and you can work on the straightforward tasks, like painting or updating fixtures.

One of the best aspects of homeownership is truly making your home something you’re proud of! Hopefully, the tips and advice shared in this article will help you as you embark on your own home renovation. If you’re an MCAP homeowner, contact us to discuss ways you may be able to fund your renovation plans.